CEO Peter Beck cuts base salary to $1 and forfeits 392,155 unvested RSUs

Rocket Lab amended the employment agreement of Chairman and CEO Peter Beck on March 30, 2026. His base salary was voluntarily reduced to $1.00 or the New Zealand statutory minimum, he gave up any annual or target bonus expectation, and he cancelled all unvested RSUs covering 392,155 shares. The company recorded a one-time $11.2 million expense in the first quarter for the RSU cancellation.

• Base salary reduced to $1.00 or the New Zealand statutory minimum
• Unvested RSUs covering 392,155 shares cancelled
• One-time $11.2M stock compensation expense recorded in Q1 2026
• Beck waived claims that the changes gave him Good Reason under the severance plan